Answered: Year Nominal GDP Real GDP Price Index 1…

Year Nominal GDP Real GDP Price Index 1 5,200 4,800 5,500 112 3 5,740 5,000 Refer to the table. (GDP figures are in billions of dollars.) What was real GDP in Year 2?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter13: Measuring The Economy's Performance

Section: Chapter Questions

Problem 13AA

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Question

Year
Nominal GDP
Real GDP
Price Index
5,200
4,800
2
5,500
112
3
5,740
5,000
Refer to the table. (GDP figures are in billions of dollars.) What was real GDP in Year 2?

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